The Cyprus Securities and Exchange Commission
("CySEC") has issued a Circular drawing the attention of
issuers whose securities are admitted to trading on the Stock
Exchange or another regulated market to the Public Declaration by
the European Securities and Markets Authority on "European
common enforcement priorities for 2014 financial statements"
(ESMA Statement/2014/1309). This sets out the priority areas
identified jointly by supervisory authorities of member states of
the European Economic Area in relation to financial statements of
issuers for the year 2014 concerning the adoption of International
Financial Reporting Standards (IFRS) in specific financial
reporting areas, which they consider important in order to promote
uniform application of IFRS in Europe.
The common enforcement priorities for 2014 financial statements
focus on the following specific topics:
- Preparation and presentation of consolidated financial statements and related disclosures;
- Financial reporting by entities which have joint arrangements and related disclosures; and
- Recognition and measurement of deferred tax assets.
In addition financial institutions that have securities listed on a regulated market are required to disclose all relevant information in relation to the European Central Bank's Comprehensive Assessment of the European banking sector.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.